AUDUSD for the week ending 16th Oct 2020

11 Okt 2020

Overall direction is uptrend. On the D1 timeframe, we see a deep pullback after over 6 months of trending upwards, that found support at 200MA. Scaling down to the 2H TF, we see that price recently broke strongly above a key resistance level now turned support around 0.7200 area. Will look for buys after a retest of resistance now turned support and will only enter after I see exhaustion of retracement and momentum shift to the upside. SL will be below key level and profit target at 0.7324 is 5x bigger than risk. I want to see your input in this analysis so please, comment below. If you find this idea interesting, please hit Like button. Love+Light+Profits!